Need Help?
Need professional advice for your consent to let with Saffron Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Saffron Building Society consent to lease
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Doing everything by the book I’ve been leasing out my house with "consent to let" from Saffron Building Society on a standard mortgage for the previous three years. Saffron Building Society have advised of their intention of retracting their consent to let if we do not move across to one of their "buy to let" mortgages.
- I'm purchasing a garden flat in Enfield. I am only looking to reside there for a year, and then move into a bigger flat. As opposed to disposing of the first property I'd like to let it out so that it becomes an investment. Do you know if Saffron Building Society would grant consent to let after half a year?
- We are FTBs, currently renting. We want to buy a one bedroom apartment in Westminster. We want to move there, but will need to wait for a job - perhaps a couple of years. Do we need to seek a buy-to-let mortgage? Would it be possible to have a 1st time buyer mortgage with Saffron Building Society, even though we won't be moving in straight away? Or could we move there for a short period of time , then start renting it with consent to let from Saffron Building Society? I'm only willing to consider suggestions that are entirely legal, and have no intention of breaching the terms of the mortgage with Saffron Building Society.
- I am looking for our family to move to give us all more space. We are planning to purchase another house in the near future. Our house is worth £155,00 and we have about £85k remaining on the Saffron Building Society mortgage. We would ideally like to keep this house as an investment property and rent it out with consent to let. Is it possible to get a mortgage on two properties at the same time or do we first need to redeem our current mortgage?
- My wife and I want to let our house out and use the rental income to cover the rent on a house in Bromley. What are the chances of being given consent to let by Saffron Building Society without being forced onto a BTL product.
- I have had my mortgage with Saffron Building Society for the previous twenty months and I am at present just wanting clarification as to whether gaining a consent to let is likely.
- My mortgage has been with Saffron Building Society for seven years. I would like to apply for consent to let my home. I have been waiting for a response from Saffron Building Society. Are you able to please check and help?
- Is there a time limit on a consent to let from Saffron Building Society? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Saffron Building Society consent to let Advice
Tax and Legal
There may be various tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could trigger your insurance becoming invalid. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Saffron Building Society